Office Depot Chooses Florida Over Illinois For Headquarters

Office Depot (NYSE:ODP) announced today, Dec. 10, it has chosen Boca Raton, Fla., for its global headquarters over the Naperville, Ill., home of its merger partner OfficeMax.

The $1.2 billion merger between Office Depot and OfficeMax was finalized on Nov. 6 and took the name Office Depot. The company's new CEO, Roland Smith, joined the company one week later and helped decide where the newly combined retailer would call home.

Smith said in a statement on Tuesday that after assessing its options the company determined that Boca Raton provided a way for it to drive better profitability and reach planned savings.

The company said that the current 625,000-square-foot Boca Raton campus has plenty of space for employees that are moving from Illinois although it is unknown how many workers will relocate. Office Depot currently has about 1,600 workers in Illinois and 1,700 in Florida and said it will offer jobs to Naperville workers at its Boca Raton location.

Office Depot has been based in Boca Raton since 1986. The company didn't provide a time line for the upcoming transition but said it would keep a presence in Naperville throughout the move and accompanying integration activities.

For more:
-See this Office Depot press release
-See this Bloomberg article

Related stories:
Office Depot Names Roland Smith CEO of Merged Retailer
Office Depot Closes $1.2 Billion Merger with OfficeMax
Office Depot, OfficeMax Merger Puts Pressure on Staples
OfficeMax CEO: I Won't Be In Charge After Office Depot Merger
Short List For Office Depot, OfficeMax CEO Down To Five